Cardinal Health vs Hyundai: Revenue, Profit and Business Model
Cardinal Health reported $254.2B of revenue in FY2026 and $1.7B of net income. Hyundai reported ~$132.2B of revenue in FY2025 and ~$6.7B of net income.
Latest financial snapshot
Cardinal Health
- Latest revenue
- $254.2B (FY2026)
- Net income
- $1.7B
- Net margin
- 0.7%
- Revenue growth
- +7.7% a year, FY2017–FY2026
Hyundai
- Latest revenue
- ~$132.2B (FY2025)
- Net income
- ~$6.7B
- Net margin
- 5.1%
- Revenue growth
- +12.2% a year, FY2021–FY2025
Financial summary
Cardinal Health
Cardinal Health combines very large revenue with thin margins. Fiscal 2026 revenue was $254.2 billion, up 14% from $222.6 billion in fiscal 2025, driven by brand and specialty drug volume from existing customers. GAAP operating earnings were $2.6 billion, GAAP diluted EPS was $7.23, and net earnings attributable to Cardinal Health were about $1.7 billion. Non-GAAP diluted EPS rose 37% to $11.26 ($10.95 excluding the IEEPA tariff refund). Operating cash flow was $5.2 billion and adjusted free cash flow was $5.0 billion. The company repurchased $1.4 billion of stock in fiscal 2026 and the board added $5.0 billion to the buyback authorization in August 2026. Fourth-quarter fiscal 2026 revenue was $63.7 billion, up 6%.
Hyundai
Hyundai's revenue has grown every year since 2020, from ~$83.5 billion (KRW 117.6 trillion) in 2021 to ~$132 billion (KRW 186.25 trillion) in 2025. Profit peaked in 2023 and 2024, when operating profit topped ~$9.94 billion (KRW 14 trillion) on a rich SUV mix and a weak won. In 2025 operating profit fell 19.5% to ~$8.14 billion (KRW 11.47 trillion) and net profit fell 21.7% to ~$7.36 billion (KRW 10.36 trillion), mostly because of U.S. tariffs. Q2 2026 revenue was a record ~$34.9 billion (KRW 49.22 trillion), up 1.9%, but operating profit dropped 20.8% to ~$2.02 billion (KRW 2.85 trillion), leaving H1 2026 operating profit at ~$3.81 billion (KRW 5.37 trillion) against ~$5.14 billion (KRW 7.24 trillion) a year earlier. The company paid a total 2025 dividend of KRW 10,000 per share, and its 2026 guidance calls for 1-2% revenue growth and a 6.3-7.3% operating margin, which its CFO said in July it may miss on volume.
Revenue and profit by year
Cardinal Health
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $254.2B | $1.7B | 0.7% | +14.2% | Source |
| FY2025 | $222.6B | $1.6B | 0.7% | -1.9% | Source |
| FY2024 | $226.8B | $852M | 0.4% | +10.7% | Source |
| FY2023 | $205B | $330M | 0.2% | +13.0% | Source |
| FY2022 | $181.3B | -$938M | -0.5% | +11.6% | Source |
| FY2021 | $162.5B | $611M | 0.4% | +6.2% | Source |
| FY2020 | $152.9B | -$3.7B | -2.4% | +5.1% | Source |
| FY2019 | $145.5B | $1.4B | 0.9% | +6.4% | Source |
| FY2018 | $136.8B | $256M | 0.2% | +5.3% | Source |
| FY2017 | $130B | $1.3B | 1.0% | — | Source |
Hyundai
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$132.2B | ~$6.7B | 5.1% | +6.3% | Source |
| FY2024 | ~$124.4B | ~$8.9B | 7.1% | +7.7% | Source |
| FY2023 | ~$115.5B | ~$8.5B | 7.4% | +14.4% | Source |
| FY2022 | ~$100.9B | ~$5.2B | 5.2% | +20.9% | Source |
| FY2021 | ~$83.5B | ~$3.5B | 4.2% | — | Source |
Where the revenue comes from
Cardinal Health
- Pharmaceutical Distribution - Branded, Generic, and Specialty~92%
Product sales and fees from distributing branded, generic, and specialty drugs, plus services from specialty practice platforms. Fiscal 2026 segment revenue was $234.8 billion (up 15%) and segment profit was $2.8 billion (up 23%), driven by brand and specialty volume and generics program performance.
- Medical and Surgical Products Manufacturing and Distribution~5%
Sales of Cardinal Health-brand and national-brand medical, surgical, and laboratory products. Fiscal 2026 GMPD revenue was $12.7 billion and segment profit was $258 million, including a one-time $100 million IEEPA tariff refund benefit. Fiscal 2027 guidance calls for $200-$220 million of segment profit.
- Nuclear Pharmacy, at-Home Solutions, and Logistics~3%
Nuclear and Precision Health Solutions (radiopharmaceuticals), at-Home Solutions (direct-to-patient supplies), and OptiFreight Logistics. Together they generated $6.8 billion of fiscal 2026 revenue (up 26%) and $707 million of segment profit (up 37%), the highest margins in the company.
Hyundai
- SUVs and Passenger Vehicles
Core revenue engine
Tucson, Santa Fe, Palisade, Sonata, Elantra, and other global models generate volume, dealer traffic, and cash flow across major regions.
- Hybrids and Electrified Vehicles
Growth and transition
Hybrid, plug-in hybrid, battery-electric, and fuel-cell vehicles support Hyundai's transition while giving buyers powertrain choice during uneven EV adoption.
- Genesis Luxury
Premium margin contributor
Genesis sedans and SUVs lift brand perception and average transaction prices while competing with Lexus, Mercedes-Benz, BMW, and Audi.
- Parts, Services, and Mobility
Recurring and adjacent
After-sales service, parts, connected services, fleet offerings, robotics, and future mobility investments extend Hyundai beyond one-time vehicle sales.
Business model and strategy
Cardinal Health
How it makes money
The business model is large, high-volume logistics divided into two segments: Pharmaceutical and Medical. In the Pharma segment, they buy billions of dollars of drugs from manufacturers (like Pfizer) and distribute them daily to tens of thousands of pharmacies and hospitals, taking a tiny markup.
Growth strategy
Cardinal Health's growth plan rests on three levers. First, specialty pharmaceuticals and physician practice platforms: it bought a 71% stake in GI Alliance for about $2.8 billion (announced November 2024) and funded The Specialty Alliance's roughly $1.9 billion acquisition of urology MSO Solaris Health (completed November 2025).
Competitive advantage
Cardinal Health's advantage is physical scale and regulatory standing. Moving regulated, temperature-sensitive drugs and biologics across the country overnight takes a network of specialized distribution centers and security procedures that cost billions of dollars and take decades to build. The barrier to entry is high, so drug distribution is concentrated among a few large companies.
Hyundai
How it makes money
Hyundai earns most of its revenue from wholesale vehicle sales to dealers and distributors across North America, Korea, Europe, India and emerging markets. Three layers sit on top of that core: the Genesis luxury brand, which lifts average transaction prices; a finance division (Hyundai Capital and Hyundai Capital America) that earns interest and lease income on vehicle loans; and after-sales parts and service.
Growth strategy
Hyundai's growth strategy rests on four moves: localising production in the United States, India and other big markets to avoid tariffs; expanding hybrids across its range while keeping EV investment flexible; pushing Genesis higher in luxury; and building software, autonomous driving and robotics. In the U.S.
Competitive advantage
Hyundai's edge is breadth plus speed. It can offer gasoline, hybrid, plug-in, battery-electric and hydrogen versions of key models, which matters as EV demand stalls in some markets and hybrids take more than a quarter of its U.S. sales.
Questions about Cardinal Health vs Hyundai
Which company has higher revenue — Cardinal Health, Inc. or Hyundai Motor Company?
Cardinal Health, Inc. reported $254.2B (FY2026), while Hyundai Motor Company reported ~$132.2B (FY2025). By last reported revenue, Cardinal Health, Inc. is the larger business, with Hyundai Motor Company reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Cardinal Health, Inc. vs Hyundai Motor Company?
Cardinal Health, Inc.'s market capitalisation stands at $56.0B, while Hyundai Motor Company's is $52.0B. Cardinal Health, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Hyundai Motor Company.
Which is more financially efficient — Cardinal Health, Inc. or Hyundai Motor Company?
Cardinal Health, Inc. generates $3.98M / employee in revenue per employee, while Hyundai Motor Company generates $1.08M / employee. Cardinal Health, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Cardinal Health, Inc. and Hyundai Motor Company make money?
Cardinal Health, Inc. and Hyundai Motor Company generate revenue in fundamentally different ways. Cardinal Health, Inc.: The business model is large, high-volume logistics divided into two segments: Pharmaceutical and Medical. Hyundai Motor Company: Hyundai earns most of its revenue from wholesale vehicle sales to dealers and distributors across North America, Korea, Europe, India and emerging markets.
Which company is valued higher relative to revenue — Cardinal Health, Inc. or Hyundai Motor Company?
On a price-to-sales (P/S) basis, Cardinal Health, Inc. trades at 0.2x P/S and Hyundai Motor Company at 0.4x P/S. Hyundai Motor Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Cardinal Health, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Cardinal Health, Inc. bigger than Hyundai Motor Company?
By last reported revenue, Cardinal Health, Inc. ($254.2B (FY2026)) is the larger company compared to Hyundai Motor Company (~$132.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Cardinal Health vs Hyundai overview